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Illinois Statutes Chapter 760. Trusts and Fiduciaries § 3/701. Accepting or declining trusteeship

Current as of January 01, 2022 | Updated by FindLaw Staff

§ 701. Accepting or declining trusteeship.

(a) Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship:

(1) by substantially complying with a method of acceptance provided in the trust instrument; or

(2) if the trust instrument does not provide a method or the method provided in the trust instrument is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.

(b) A person designated as trustee who has not yet accepted the trusteeship may decline the trusteeship. A designated trustee who does not accept the trusteeship within 120 days after receiving notice of the designation is deemed to have declined the trusteeship.

(c) A person designated as trustee, without accepting the trusteeship, may, but need not:

(1) act to preserve the trust property if, within 120 days after receiving notice of the designation, the person sends a declination of the trusteeship to the settlor or, if the settlor is deceased or incapacitated, to the qualified beneficiaries; and

(2) inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.

(d) A person acting under subsection (c) is not liable for actions taken in good faith.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 760. Trusts and Fiduciaries § 3/701. Accepting or declining trusteeship - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-760-trusts-and-fiduciaries/il-st-sect-760-3-701/

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